The Financial Services Compensation Scheme, which has been responsible for paying out claims for the negligent advice of The Pensions Office Limited since the firm collapsed, it apparently set to place a claim with the firm’s liquidators for a figure over £25 million. Some clients who received negligent advice from The Pensions Office and have…

The trustees of 14 pension schemes have received a joint letter from The Pensions Regulator (TPR), The Financial Conduct Authority (FCA) and The Pensions Advisory Service (TPAS), urging them to do more to stop potential scam pension transfers and protect their members. The letter included one that should be forwarded on to scheme members who…

The financial services watchdog – The Financial Conduct Authority – has said it has learned lessons about how the pension mis-selling scandal can blow up, in the wake of the British Steel Pension Scheme transfer mess. It was just last year when some financial advisers swooped in like vultures to transfer peoples’ pensions away from…

Financial advisers that want to continue to give people pension transfer advice over their final salary pensions or other types of Defined Benefit pensions may have to pay more to professional indemnity insurers due to a growing mis-selling scandal. After studying the advice of around 13 companies who gave advice about transferring final salary pensions, the…

The financial services watchdog – the FCA – has collared 152 financial advice firms over their involvement with high-risk investments. The recommendation of high-risk investments to people that aren’t suitable for them has become a huge problem for the industry, and tens of thousands of people are put at risk through SIPP pensions. Stemming the…

More claims are expected for mis-sold pension transfers away from the British Steel Pensions Scheme after Retirement & Pension Planning Services enters into liquidation. Based in Barnsley, Retirement & Pension Planning Services entered into an agreement with the UK financial services regulator back in December 2017, which mean they would STOP all pension transfer business,…

Do you really know if your SIPP portfolio investments are “cautious”? The UK regulator has criticised some investment platforms for labelling investment portfolios in a may that may “mislead” customers about the risk the investments present. Many investment companies build portfolios of investments, and label them with names such as “cautious”, “Conservative” or “balanced”, but…

The Financial Conduct Authority, who are in charge of all regulated financial advisers in the country, have launched an investigation into 33 financial advisers who are suspected of giving poor advice. SIPP pensions, in particular may be on the agenda, as the amount of compensation paid out over mis-sold SIPPs increased again to £112million from…

The FOS has upheld a complaint against SIPP provider Guinness Mahon relating to the mis-selling of high-risk investments within some of their their Self-Invested Personal Pensions. In the case, the individual was introduced to high-risk investments and the Guinness Mahon SIPP by Avocade – an unregulated introducer rather than a regulated financial adviser. Avocade is…

The Financial Services Compensation Scheme has paid out £112 million in the 2017/2018 period for mis-sold SIPP claims, as the number of complaints about SIPP pensions continues to rise. Around 69,980 people in total used the FSCS last year to make a claim against a company that defaulted (meaning the firm could not pay compensation…

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